WallStreetBets subreddit, said last wk that enforcement of the forum’s rules and Reddit’s content policy became increasingly difficult and went ‘private‘ for a bit Wednesday with the statement “WSB will be back“.
“We have grown to the kind of size we only dreamed of in the time it takes to get a bad nights sleep,” they said. “We’ve got so many comments and submissions that we can’t possibly even read them all, let alone act on them as moderators.”
While it was private, a subreddit called WallStreetBetsnew gained more than 100,000 followers in around 30 mins Wednesday evening. That subreddit was established in March last year. On it, users urged their peers not to panic. Others encouraged buying even more stocks in revenge for the outage.
The subreddit retail investor action exploded early last wk when there came to be lots of touting of GameStop’s stock by several of its members sent the video game retailer’s shares soaring more than 400% this week. The actions looks to have helped fuel a short squeeze in GameStop (NYSE:GME) stock, where investors who had used options to bet against the stock needed to cover those bets by buying shares.
Then WallStreetBets turned its attention to movie exhibitor AMC (NYSE:AMC) rising more than 300% Wednesday.
Have a prosperous week, Keep the Faith!